Commercial Insurance: What Are the Types?

As a business owner, you’ll need to get commercial insurance. However, choosing can be difficult if you’re unfamiliar with the available types. At Goodman Insurance Inc. in Shelton, CT, we want to ensure you select great commercial insurance for your business. So, we’ve crafted a nifty guide to help you better understand what’s available.

Commercial Insurance Coverages in Connecticut

There isn’t "one size fits all" coverage for commercial insurance. Many times, businesses will choose multiple insurances to ensure that they are protected. That said, there are three main elements of commercial insurance to choose from.

The first is general liability insurance, which helps protect against property damage, personal injury, and more. Commercial property insurance is another option designed to cover a business’s physical properties, including buildings, inventory, and vehicles.

Lastly, workers’ compensation insurance is the last type of commercial insurance. Workers’ compensation insurance helps protect a business’s employees and aids anyone injured on the job. In most cases, businesses should choose all three if they want full protection.

Additional Commercial Insurance Coverages

Adding additional coverage to commercial insurance can be a great way to protect more assets. A handful of different coverage can be added to your existing policy. You’ll want to add the most relevant ones to your business.

Here are a few to consider:

  • Business interruption insurance
  • Professional liability insurance
  • Commercial auto insurance
  • Cyber liability insurance
  • Product liability insurance
  • Employment practices liability insurance
  • Umbrella Insurance

Contact Goodan Insurance Inc. in Shelton, CT

It’s important for a business to ensure all business elements are protected. One issue is that it can lead to disastrous costs and even result in closing your doors. So, if you’re in the Shelton, CT, area, we at Goodman Insurance Inc. want to help. Contact us below, and we can start by finding you a suitable commercial insurance plan.

Can I Buy Life Insurance if I Have a Pre-existing Condition?

If you have a pre-existing condition, you’re in good company. Roughly half of all Americans under the age of 65 are in the same boat. Conditions range from relatively mild health problems such as high blood pressure and high cholesterol to serious conditions such as HIV/AIDS and cancer.

For residents in Shelton, CT, with a pre-existing condition, purchasing a life insurance policy can be challenging, but it’s possible. Knowing how to approach the situation can increase your odds of getting a favorable policy at a good price.

Always be Truthful

Never attempt to hide a pre-existing condition. The insurer will review your medical records before approving coverage. If the insurance agency finds incorrect information on the forms, your application will likely be denied. Alternatively, your beneficiary may not receive the payout if you pass on and the insurance company discovers you were dishonest on your application.

Do the Best with What You Have

Prioritizing your health can improve your coverage options. Talk to your doctor about what you can do to prevent health problems related to your condition. Exercising regularly, eating healthy foods, and taking the right medication can increase your odds of receiving life insurance coverage. These actions also boost your overall health and well-being.

Get Help from Goodman Insurance Inc.

Goodman Insurance Inc. specializes in helping Shelton, CT residents with pre-existing conditions find life insurance coverage that suits their needs and fits their budget. We comprehend the importance of ensuring your loved ones have their financial needs met after you pass on. That’s why our team provides personalized care and advice to help you secure the right insurance coverage. Contact us to learn about our policy options or to get a quote for your desired policy.

Three Things That Mean It’s Time To Replace Your Roof

As a homeowner, you’re probably wondering when you should patch your roof and when it’s time for a full replacement. Below are three signs that your patching days are over and you need to move forward with a new roof.

1. Curling and Dry-Rotted Shingles

One of the first signs that your roof needs replacement is the curling of shingles all around it. If it were in just one place, it could be patched, but when it’s all over the roof, it’s time to have them all replaced. If you have to replace over 25 percent of your shingles, it’s time to go ahead and get a new roof, as you’ll be paying that same amount in another year to do another large section and put your home at risk.

2. Moss Growth On The Roof

While a new roof should be able to manage excess moss growth, those roofs that are older and breaking down will harbor more moss than others. This is because water is getting through, potentially causing water leaks in the home. If you’ve noticed lots of moss growing around your roof, the moss has some water beneath the shingles, allowing it to have a healthy environment, which means you need a new roof.

3. Energy Getting Out

In the winter, the insulation in the roof is supposed to keep the heat in, and in the summer, keep the cool air in. If you’ve noticed that you’re using a lot of electricity, and your roof is at least 20 years old, then it isn’t managing energy properly in your home. This is a sign that it’s time to go ahead and get a new roof. Otherwise, utility expenses and roof patches will cost you more over time.

If you need a home insurance quote in the Shelton, CT, area, contact Goodman Insurance Inc. for more information.

Under Appreciated Benefits of Business Insurance

Do you own a business in Shelton, CT? Is it well-protected by business insurance? Goodman Insurance Inc. is here to assist you.

There are a multitude of benefits to business or commercial policies, some of which business owners don’t always appreciate. Let’s break these down for you.

Marketing

Promoting the fact that your business is fully insured or bonded is certainly an appealing edge to your potential customers. It creates a level of trust and comfort.

Better Sleep and Peace of Mind

Most business owners are overwhelmed with so much on their plates that relaxation or even a good night’s sleep becomes challenging. This is one of the most underestimated aspects of business insurance—it delivers peace of mind.

Income Protection

Business interruption insurance could help to maintain your income if your business experiences any hindrances by a covered event. It can aid in maintaining the business and retaining key employees.

Instilling Confidence in Associates and Investors

Getting your business insured is a small yet significant step you can take to communicate to your investors and employees that their protection is your priority.

Coverage of Legal Costs Associated With An Accident Injury Claim

Should an accident occur on your property or due to the actions of an employee, you could face legal liabilities. These liabilities often come with expensive legal costs, which commercial liability insurance can help cover.

Get a Business Insurance Quote Today

If you’ve been postponing getting your Shelton, CT business covered, it’s never too late to start. The more you know, the higher the likelihood that you’ll choose Goodman Insurance Inc. We encourage you to contact us to discuss your business, potential risks, and the undervalued features of a well-crafted business insurance program.

We look forward to helping you.

How Term and Whole Life Insurance Policies Work

There are two main kinds of life insurance that are important to understand before you choose your type of coverage. These two types have a lot of similarities, but they also have a lot of differences. They fit different budgets and offer different benefits. To find out more about life insurance, you can give us a call at Goodman Insurance, Inc. in Shelton, CT.

How Term Life Insurance Works

Term life is a type that has a set time for which the policy remains good. It will be a specific period of time, such as 10 or 20 years. During that time, the policy is in force. However, at the end of the term, it expires. Many people don’t like the idea of having to get a new policy after the first one expires, but this type of policy is more budget-friendly. It’s a type that comes at a more affordable rate than whole life, and many people find that it’s the type they need to get because of their budgets. 

How Whole Life Insurance Works

Whole life policies never expire. They will stay in effect for as long as you keep paying for them. These policies are more expensive but come with a cash value after a few years. This value builds up through the years and is a general fund you can borrow if you ever need to. Many buyers like having this amount available just in case they have a financial emergency and need access to a loan. The loan is paid back like any other, but the unpaid amount is deducted from the death benefit until repaid. 

Get Life Insurance

To get started with a life policy, call Goodman Insurance, Inc. in Shelton, CT.

Insuring Your Older Home

Classic or Historic, Your Old Home Needs Protection

The Shelton, CT area and Fairfield County are known for their older and historic homes. At Goodman Insurance Inc., we provide homeowners insurance tailored to the needs of these classic residences alongside standard policies for newer properties.

Factors Affecting the Insurance of Older Homes

Owning an older home comes with certain unique considerations, from regular upkeep to insuring the property adequately. Here, we discuss aspects of coverage you should be mindful of, as they can influence your premiums and even your eligibility for insurance coverage:

  • Aging Roofs: Roofs are frequently involved in homeowners insurance claims, largely because of their limited lifespan. A well-maintained roof can endure for 25 years or longer in the Northeast. However, as your roof nears the end of its lifespan, your insurance company might require a replacement before extending coverage.
  • Outdated Electrical Systems: If your older home hasn’t seen an electrical upgrade, you may face challenges when securing home insurance. Such systems can pose risks to both your property and its inhabitants. Upgrading your electrical wiring can make your home safer and potentially lower your insurance premiums.
  • Aged Plumbing and Pipes: Older homes often come with dated plumbing systems that may no longer meet today’s rigorous standards. Such setups may be prone to failure and code violations. A professional plumbing inspection can identify areas in need of an upgrade.

The Value-Add of Home Upgrades

Investing in upgrades such as roof replacement, electrical system improvements, and plumbing updates could lead to more affordable home insurance premiums. Certain safety and security upgrades related to general home maintenance and enhancements might qualify your older home for further discounts.

Reach Out for a Customized Quote

If you’re seeking competitive, respectful coverage for your older home in Shelton, CT, contact us at Goodman Insurance Inc. We would be delighted to conduct a home insurance review or provide a price quote custom-tailored to your specific needs. We look forward to serving you soon.

Do I Need Commercial Insurance for My Business?

Home buyers insure their homes, and car owners protect their vehicles, but do business owners safeguard their ventures? Definitely, yes! Commercial insurance is a crucial tool for a business owner, allowing them to offset many financial risks associated with running a business. At Goodman Insurance Inc., serving the Shelton, CT area, we assist business owners in identifying suitable commercial insurance for their specific needs. We collaborate with several carriers to ensure you find a policy that best protects your commercial enterprise. Here’s what you need to know.

Understanding Commercial Insurance

Commercial insurance encompasses various types of coverage to protect your business against different losses. For instance, your commercial insurance policy could cover liability, business interruption, property damage, etc. Thus, rather than being a single type of insurance, it comprises multiple forms intended for diverse risks.

Benefits of Commercial Insurance

There are many advantages to having commercial insurance, but the primary benefit is reducing your business’s financial risk. By stepping in to cover damages resulting from covered events, your commercial insurance policy can safeguard your business from financial downfall when unexpected incidents occur. The type of commercial insurance you choose dictates how well your business is protected.

Identifying Who Needs Commercial Insurance

Most enterprises can benefit from some form of commercial insurance. At Goodman Insurance Inc., servicing Shelton, CT, we help you identify the best type of commercial insurance suited to your business requirements. Have any questions about finding an ideal policy for your business? Don’t hesitate—call today to receive competitive quotes from numerous carriers.

How Whole Life Insurance Works

Safeguard Your Dependents with the Right Life Insurance

When you have dependents, it becomes crucial to ensure their financial protection in the event of your absence. This is where life insurance proves vital. Understanding the different life insurance policies available can guide you to the best one for your family’s needs. Your age and budget significantly impact the type of policy you select. At Goodman Insurance, Inc. in Shelton, CT, we are here to answer all your life insurance queries.

Lifetime Insurance Coverage

Whole life insurance gets its name because it remains valid for your entire lifespan. Unlike term life insurance, which has a specified expiration date, you can retain whole life insurance provided you continue the premium payments. This kind of policy can’t be canceled, guaranteeing your family’s psychological and financial peace since they’ll know a reliable safety net is in place. Regardless of your age, as long as the premiums are paid, the policy will be there for your family in times of need.

Building Cash Value

One significant benefit of whole life insurance is its ability to build up a cash value. Over the years, the accruing amount can become substantial enough to borrow against during financial emergencies. The borrowed amount is subtracted from the death benefit amount until it’s paid back, just like any other loan. This form of a financial buffer is incredibly valuable if unexpected costs arise.

Benefits of a Whole Life Insurance Policy

when you’re seeking reliable coverage that will protect your family after you’re gone, a whole-life insurance policy is an exceptional choice. At Goodman Insurance, Inc. in Shelton, CT, we are ready to address all your questions and concerns regarding this policy type. Reach out today to protect your most precious asset – your family.

Residential Land Improvements To Keep Your Property Secure

The lack of security features outdoors makes your residence prone to theft and vandalism. Review the security guidelines that follow. Contact one of our Goodman Insurance Inc. agents who serve Shelton, CT to update your existing home insurance policy.

Risks

Before any land improvements are made, determine the risk of theft and vandalism that could occur on your property. In addition, consider natural weather events that could pose a threat to your property.

Any risk you determine could indicate that you need to make some improvements to your property to keep it more secure.

Enclosure

A fence and gate will prevent trespassing. These types of upgrades can also improve the beauty of your property. If you have children or pets who spend time outdoors, adding a fence and gate will ensure that your kids and pets are safe and secure when they spend time outside.

Grading

Grading your land will improve the appearance of your property. It will also prevent water from pooling on your land. Use grading equipment to level the surface of your property. Add gravel or mulch to improve the drainage of your land.

Storage

Keeping high-priced items out of view will minimize the chance of having someone attempt to trespass onto your land. Seek a storage solution for any items of value. If you decide to store items in your garage or shed, invest in a locking system that will protect the items.

Policy Modification

Contact one of our Goodman Insurance Inc. representatives to discuss the land improvements that you have made. An agent who serves Shelton, CT, will modify your home insurance policy for you.

Four things to know when you need to choose a commercial insurance policy

Business owners need to do their research and make informed decisions when they purchase commercial insurance. At Goodman Insurance Inc., we offer commercial insurance coverage to business owners in Shelton, CT.

Here are four things to know when choosing a commercial insurance policy. 

The amount of their policy deductible

Being aware of deductible amounts is vital because your company needs always to have enough liquid funds available to cover deductibles in case you need to file a claim.

It’s important to note that commercial insurance policies often have varying deductibles. Your deductibles could vary depending on whether they’re for commercial property, commercial auto, general business liability, or another type of coverage on your policy.

The risks faced by the insured company

Performing a risk assessment when you buy a policy is important. Risk assessments can help you determine coverage details for your company, such as how much coverage you need and what types of commercial insurance your policy should include. 

The legal requirements that the insured company needs to meet

Companies are often required by law to carry certain types of insurance. For example, companies that use vehicles for business operations must have commercial auto insurance covering their vehicle fleet. 

The term length of the commercial insurance policy

A commercial insurance policy is only good for a certain length of time. One year is a typical term length for a commercial insurance policy. After a year goes by, you’ll need to renew your policy so that you can continue to have coverage. 

We’re here to assist you when you’re on the market for commercial insurance in Shelton, CT. Call us at Goodman Insurance Inc. to get a policy quote.